KB Financial Group has appointed Lee Jae-geun, the current head of the group, as the next chairman. This decision comes as a surprise, breaking expectations that Yang Jong-hee would easily secure reappointment after 33 years since Lee joined KB Kookmin Bank.
The Chairman Candidate Recommendation Committee announced on September 11 that it had selected Lee as the final candidate for the next chairman.
Previously, the committee had narrowed down the shortlist on August 27, which included Lee, former Woori Bank CEO Kwon Kwang-seok, and Yang Jong-hee. After conducting in-depth interviews lasting two hours each with the three candidates, the committee held a final vote to determine Lee as the nominee.
The committee evaluated candidates based on five criteria: work experience, expertise, leadership, ethics, and alignment with the vision and values of KB Financial Group, using 25 detailed standards.
Lee will undergo a qualification review in accordance with relevant laws and is expected to be appointed as the representative director and chairman at an extraordinary shareholders' meeting scheduled for November 20.
A graduate of Seoul High School, Lee began his career in finance in 1993 at Housing Bank. He served as the head of the secretariat at KB Financial Group in 2013 and became the executive director of financial planning in 2017. He played a key role in expanding the non-banking portfolio through acquisitions of LIG Insurance, Hyundai Securities, and Woori Financial.
After moving to the bank, he held positions as the head of management planning and the sales group. Since 2022, he has served as the president of Kookmin Bank, recognized for his exceptional management skills, leading the bank to record profits in 2025.
Cho Hwa-jun, chairman of the recommendation committee, explained the rationale for selecting Lee, stating, "At this point, we need bold changes and a generational shift to enhance the group's fundamental competitiveness and secure future growth drivers." He added, "Lee possesses the capability to lead KB Financial's future and sustainable growth amid the restructuring of the financial industry and the onset of money movement, along with expertise across both banking and non-banking sectors, as well as insights into finance, strategy, and global operations."
The Chairman Candidate Recommendation Committee announced on September 11 that it had selected Lee as the final candidate for the next chairman.
Previously, the committee had narrowed down the shortlist on August 27, which included Lee, former Woori Bank CEO Kwon Kwang-seok, and Yang Jong-hee. After conducting in-depth interviews lasting two hours each with the three candidates, the committee held a final vote to determine Lee as the nominee.
The committee evaluated candidates based on five criteria: work experience, expertise, leadership, ethics, and alignment with the vision and values of KB Financial Group, using 25 detailed standards.
Lee will undergo a qualification review in accordance with relevant laws and is expected to be appointed as the representative director and chairman at an extraordinary shareholders' meeting scheduled for November 20.
A graduate of Seoul High School, Lee began his career in finance in 1993 at Housing Bank. He served as the head of the secretariat at KB Financial Group in 2013 and became the executive director of financial planning in 2017. He played a key role in expanding the non-banking portfolio through acquisitions of LIG Insurance, Hyundai Securities, and Woori Financial.
After moving to the bank, he held positions as the head of management planning and the sales group. Since 2022, he has served as the president of Kookmin Bank, recognized for his exceptional management skills, leading the bank to record profits in 2025.
Cho Hwa-jun, chairman of the recommendation committee, explained the rationale for selecting Lee, stating, "At this point, we need bold changes and a generational shift to enhance the group's fundamental competitiveness and secure future growth drivers." He added, "Lee possesses the capability to lead KB Financial's future and sustainable growth amid the restructuring of the financial industry and the onset of money movement, along with expertise across both banking and non-banking sectors, as well as insights into finance, strategy, and global operations."
* This article has been translated by AI.
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